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A new study claims that the global DIY home automation market is expected to reach almost AUD$28 billion by 2020 at a Compound Annual Growth Rate (CAGR) of 37.9 per cent between 2016 and 2020.
The Americas and Europe hold the major share of the market, whereas APAC is the fastest growing region. The DIY home automation market is driven by the increasing demand of energy-efficient solutions and the rising security concerns.
The growth opportunities in the DIY home automation market are being witnessed due to the increasing adoption of automated services, government incentives for green initiatives, and the lower cost of DIY systems compared to professionally installed systems.
This research study, initially published in 2015, has been upgraded and involves the extensive use of secondary sources to identify and collect information useful for this technical, market-oriented, and commercial study of the DIY home automation market.
The market for security and access control is expected to grow at a rapid pace because of increasing desire of the consumer for convenience, and their desire for safety and security. Installing a home security and access control system with professionally installed systems is expensive as professionals are required to install the system, and long-term contract and monthly payments need to be signed in order to keep the system running. Now, many DIY-friendly devices and sensors have come to the market which work with smartphone and other portable devices. These systems come with no contracts, and in many cases with no monthly fees.
The U.S. and Canada are expected to be the major drivers for the growth of the DIY home automation market in North America because of the presence of various major market players such as Smartlabs, Inc. (U.S.), Nortek, Inc. (U.S.), and Nestlabs, Inc. (U.S.) among others, thereby making the region more lucrative for the DIY home automation market. The demand for energy management coupled with the increasing demand for green homes has resulted in the growth around the world.